Press Release: Joint statement by the Presidency of the ECOFIN Council and the Commission on providing medium-term financial assistance to Latvia

In view of the adverse effects of the global financial turmoil on the economic and financial situation in Latvia, the Council Presidency and the Commission express the European Union's commitment to provide financial support to the country in the context of the market pressures that have recently emerged.

We are in close consultations with the Latvian authorities and the International Monetary Fund to develop a joint response to the growing tensions in Latvia's financial markets. The EU stands ready to participate in a coordinated financing package with the IMF conditional upon a strong commitment by the Latvian authorities to implement a rigorous and credible adjustment programme in order to underpin balance-of-payments sustainability in Latvia.